E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/23/2018 in the Prospect News Bank Loan Daily.

Bank Loan Calendar: $53.952 billion deals being marketed

March Bank Meetings

ADTALEM GLOBAL EDUCATION INC.: Bank meeting March 26; $300 million seven-year covenant-light term B; Bank of America, BMO and Northern Trust; refinance revolver borrowings and fund cash to the balance sheet; Chicago-based provider of educational services.

GI REVELATION ACQUISITION LLC: Bank meeting March 26; $615 million senior secured credit facilities; Jefferies, SunTrust, Goldman Sachs and KKR; $50 million five-year revolver; $415 million seven-year first-lien term loan, 101 soft call for six months; $150 million eight-year second-lien term loan, call protection 102, 101; fund acquisitions of Consilio and Advanced Discovery by GI Partners, and combination of the two businesses; eDiscovery and risk management company.

INTERNATIONAL CAR WASH GROUP: Lender call March 27; add-on first-lien term B and repriced $475 million first-lien term B; Goldman Sachs, Barclays, Jefferies and Credit Suisse; United Kingdom-based car wash operator.

TOWNSQUARE MEDIA INC.: Lender call March 26; term loan; RBC; repricing; Greenwich, Conn., diversified media and entertainment and digital marketing services company.

U.S. SILICA HOLDINGS INC.: Expected March/April business; $1.38 billion credit facilities; BNP Paribas and Barclays; $100 million revolver; $1.28 billion seven-year term B; fund acquisition of EP Minerals LLC and refinance existing debt; Frederick, Md., producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications.

Upcoming Closings

ABC SUPPLY: $1.861 billion covenant-light term B (B1/BB+) due Oct. 31, 2023 talked at Libor plus 200 bps, 0.75% Libor floor, 101 soft call for six months; Deutsche Bank; repricing; Beloit, Wis., building products distributor.

AES CORP.: $521 million senior secured covenant-light term B (Ba1) due May 31, 2022 talked at Libor plus 175 bps, 0% Libor floor, 101 soft call for six months; Barclays; repricing; Arlington, Va., power company.

ALKERMES INC.: Expected closing March 26; $284.3 million five-year senior secured covenant-light term B (Ba3/BB) at Libor plus 225 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; Morgan Stanley and JPMorgan; refinance existing term B; Dublin-based biopharmaceutical company.

ALTISOURCE HOLDINGS SARL: $429 million senior secured credit facilities (B3/B+); Morgan Stanley; $15 million five-year revolver talked at Libor plus 375 bps to 400 bps, 0% Libor floor; $414 million senior secured covenant-light term B due March 31, 2024 talked at Libor plus 375 bps to 400 bps, 1% Libor floor, OID 99, 101 soft call for six months; refinance existing term B; Luxembourg-based service provider and marketplace for the real estate and mortgage industries.

AMERICAN GREETINGS: $695 million credit facilities (Ba3/B+); Barclays, Deutsche Bank, Citizens, ING, Bank of America, HSBC, Sumitomo, KeyBanc and CIBC; $250 million revolver; $445 million seven-year term B talked at Libor plus 375 bps, 1% Libor floor, OID 99.5, 101 soft call for six months; help fund acquisition by Clayton, Dubilier & Rice of a 60% ownership stake in the company; Cleveland, Ohio, designer, manufacturer and distributor of greeting cards, gift packaging, party goods and stationery products.

AMNEAL PHARMACEUTICALS INC.: $2.7 billion seven-year term B (B1/BB-) at Libor plus 350 bps, step-down to Libor plus 325 bps when net first-lien leverage is 3x, 0% Libor floor, OID 99.5, 101 soft call; JPMorgan, Bank of America and RBC; refinance debt in connection with acquisition of Impax Laboratories Inc.; Bridgewater, N.J., generic pharmaceutical manufacturer.

ASSUREDPARTNERS INC.: $1.518 billion term B (B2/B) due Oct. 22, 2024 talked at Libor plus 300 bps, 0% Libor floor, OID 99.75 to 99.875 for new dollars, OID 99.875 to par for rolled dollars, 101 soft call for six months; Bank of America; repricing, pay down revolver borrowings, fund acquisitions and reset liquidity for future acquisitions; Lake Mary, Fla., provider of property and casualty and employee benefits insurance brokerage services.

BOARDRIDERS INC.: Expected closing mid-to-late April; $590 million credit facilities; Deutsche Bank, Bank of America and Macquarie; $450 million six-year term B (B3/B-) at Libor plus 650 bps, 1% Libor floor, OID 98, non-call one, 102, 101; $150 million ABL revolver; fund acquisition of Billabong International Ltd.; Huntington Beach, Calif., action sports and lifestyle company that designs, produces and distributes apparel, footwear and accessories.

BOWLERO CORP.: $113 million add-on first-lien term loan (B2/B) talked at Libor plus 425 bps, 1% Libor floor, OID 99.875 to par, 101 soft call through July 2018; JPMorgan; repay second-lien term loan borrowings; New York-based operator of bowling centers.

CARECENTRIX HOLDINGS INC.: $620 million senior secured credit facilities (B1/B); UBS, Deutsche Bank and Citizens; $50 million five-year revolver; $570 million seven-year first-lien term B talked at Libor plus 375 bps to 400 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; refinance existing debt and fund a dividend; Hartford, Conn., home health care benefits manager.

CAST & CREW ENTERTAINMENT SERVICES LLC: $493 million first-lien term loan talked at Libor plus 250 bps, 0% Libor floor, 101 soft call for six months; RBC; repricing; Burbank, Calif., provider of technology-enabled payroll, production accounting and related value-added services to the entertainment industry.

CDW LLC: $1.468 billion senior secured covenant-light term B due Aug. 17, 2023 talked at Libor plus 175 bps, 0% Libor floor, 101 soft call for six months; Morgan Stanley, Barclays, JPMorgan, Bank of America, Wells Fargo, MUFG, Capital One, Goldman Sachs, RBC and U.S. Bank; repricing; Lincolnshire, Ill., technology solutions provider to business, government, education and health care organizations.

C.H. GUENTHER & SON INC. (CHG PPC PARENT LLC): $675 million first-lien term loan (B2/B) at Libor plus 275 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; JPMorgan; help fund buyout by PPC Partners; San Antonio, Texas, producer of grain-based and seasoning products.

CHEMOURS CO.: $900 million seven-year term loan (Baa3) talked at Libor plus 175 bps to 200 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; JPMorgan and Citigroup; also €300 million seven-year term loan talked at Euribor plus 200 bps to 225 bps, 0.5% floor, OID 99.75, 101 soft call for six months; refinance existing debt; Wilmington, Del., provider of performance chemicals.

CINCINNATI BELL INC.: Expected closing April 5; $600 million senior secured covenant-light term B due Oct. 2, 2024 at Libor plus 325 bps, 1% Libor floor, 101 soft call for six months; Morgan Stanley, CoBank, PNC, Regions Capital, Citizens, Barclays, Citigroup and MUFG; repricing; Cincinnati-based provider of integrated communications solutions.

CINEMARK USA INC.: $660 million seven-year first-lien term B (Ba1/BBB-) talked at Libor plus 175 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; Barclays, Wells Fargo, JPMorgan, RBC and Webster Bank; refinance existing term B; Plano, Texas, motion picture exhibitor.

CONVERGEONE HOLDINGS CORP.: $650 million seven-year covenant-light first-lien term loan (B2/B) talked at Libor plus 375 bps, 1% Libor floor, OID 99.5, 101 soft call for six months; Credit Suisse; refinance existing debt; Eagan, Minn., provider of communications solutions.

COTY INC.: $2.5 billion in term loans (Ba2/BB+); JPMorgan, Bank of America, Morgan Stanley, BNP Paribas, Credit Agricole, Deutsche Bank, HSBC, UniCredit, ING, Mizuho and RBC; $1 billion seven-year term B talked at Libor plus 200 bps to 225 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; $1.5 billion equivalent euro seven-year term loan B (BB+) talked at Euribor plus 225 bps to 250 bps, 0% floor, OID 99.75, 101 soft call for six months; refinance existing debt; New York-based beauty company.

DOLE FOOD CO. INC.: $938.1 million senior secured term B due April 6, 2024 talked at Libor plus 250 bps, 1% Libor floor, OID 99.875, 101 soft call for six months; Morgan Stanley; repricing; Westlake Village, Calif., fruit and vegetables company.

DUBOIS CHEMICALS: $447.5 million in term loans; Antares; $75 million delayed-draw term loan talked at Libor plus 325 bps, 25 bps step-down at 3.75x net first-lien leverage, 1% Libor floor, OID 99.5; $372.5 million term loan talked at Libor plus 325 bps, 25 bps step-down at 3.75x net first-lien leverage, 1% Libor floor, 101 soft call for six months; refinance existing debt; Sharonville, Ohio, provider of specialty cleaning chemical solutions.

DUFF & PHELPS: $300 million incremental term loan talked at Libor plus 325 bps, 1% Libor floor, OID 99.75, 101 soft call protection until Aug. 13, 2018; UBS and Goldman Sachs; fund acquisition of Kroll; New York-based independent advisor with expertise in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters, and other governance-related issues.

EG GROUP: New bank debt; Bank of America, Barclays, Deutsche Bank, Morgan Stanley and UBS; $150 million incremental multi-currency revolver (B2/B) due 2022 at Libor/Euribor plus 300 bps, 0% floor; $1.7 billion incremental covenant-light term B (B2/B) due 2025 at Libor plus 400 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; €175 million incremental covenant-light term B (B2/B) due 2025 at Euribor plus 400 bps, 0% floor, OID 99, 101 soft call for six months; $490 million equivalent eight-year covenant-light second-lien term loan ($245 million U.S., $245 million euro) (Caa1/CCC+) at Libor plus 800 bps/Euribor plus 775 bps, 1% floor, OID 99, call protection 102, 101; fund acquisitions of Kroger Co C-Stores and NRGValue; European independent forecourt/convenience-store retailer.

ETON (PRICEWATERHOUSECOOPERS PUBLIC SECTOR LLP): $470 million senior secured credit facilities; RBC, UBS, Carlyle and Macquarie; $50 million five-year revolver (B1/B); $315 million seven-year covenant-light first-lien term loan (B1/B) at Libor plus 325 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; $105 million eight-year covenant-light second-lien term loan (Caa1/CCC+) at Libor plus 750 bps, 0% Libor floor, OID 99.5, call protection 102, 101; help fund buyout by Veritas Capital; provider of services to federal, state and local governments and multilateral agencies to help solve complex business problems, improve processes and manage risk through its capabilities in financial management, strategy development, program management, operational effectiveness and organization design.

EVO PAYMENTS INTERNATIONAL: $95 million incremental term loan talked at Libor plus 400 bps, 1% Libor floor; SunTrust; fund acquisitions; Atlanta-based payments processor and acquirer for merchants, independent sales organizations, financial institutions, government organizations and multinational corporations.

FILTRATION GROUP CORP.: $1.653 billion equivalent U.S. and euro (up to €250 million) seven-year senior secured first-lien term loan (B2/B) talked at Libor plus 325 bps to 350 bps/Euribor plus 350 bps to 375 bps, 0% floor, OID 99.5, 101 soft call for six months; Goldman Sachs and JPMorgan; fund mergers and acquisitions and refinance existing debt; Chicago-based manufacturer and distributor of filtration products to end markets.

FLEETPRIDE (FPC HOLDINGS INC.): $647 million of term loans; Bank of America (left on first-lien) and KKR (left on second-lien); $447 million covenant-light first-lien term B (B3/B-) due Nov. 19, 2022 talked at Libor plus 400 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; $200 million covenant-light second-lien term loan (Caa2/CCC) due May 19, 2023 talked at Libor plus 800 bps, 0% Libor floor, OID 99, 101 hard call for one year; refinance existing bank debt; Irving, Texas, distributor of aftermarket heavy-duty truck and trailer parts.

FOGO DE CHAO INC.: $365 million senior secured credit facilities (B2/B); Credit Suisse and Wells Fargo; $40 million revolver; $325 million seven-year covenant-light first-lien term loan at Libor plus 450 bps, 1% Libor floor, OID 99.5, 101 soft call for six months; help fund buyout by Rhone Capital; Dallas-based steakhouse chain.

FOUR SEASONS HOTELS AND RESORTS: Expected closing March 29; $891 million senior secured covenant-light first-lien term loan due Nov. 30, 2023 at Libor plus 200 bps, 0% Libor floor, 101 soft call for six months; Citigroup; repricing; Toronto-based luxury hotels company.

GREENSKY LLC: $350 million seven-year term B (B1/B+) talked at Libor plus 325 bps to 350 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; JPMorgan; refinance existing term loan; Atlanta-based financial technology company.

GROSVENOR CAPITAL MANAGEMENT: $466 million senior secured term B due March 2025 talked at Libor plus 275 bps to 300 bps, 1% Libor floor, OID 99.5, 101 soft call for six months; Goldman Sachs and UBS; amendment and extension; Chicago-based independent alternative asset management firm.

HEALTHCHANNELS INC.: $270 million credit facilities (B3/B); Jefferies and Capital One; $20 million five-year revolver; $250 million seven-year senior secured first-lien term loan talked at Libor plus 400 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; refinance existing debt and fund a distribution to Vesey Street Capital Partners; Fort Lauderdale, Fla., medical scribing, care coordination and real-time coding services company.

HELPSYSTEMS LLC: $735 million senior secured credit facilities; Jefferies, Antares and Ares; $40 million revolver (B2/B-); $495 million seven-year first-lien term loan (B2/B-) at Libor plus 375 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; $200 million eight-year second-lien term loan (Caa2/CCC) at Libor plus 775 bps, 0% Libor floor, OID 99.5, call protection 102, 101; fund HGGC LLC’s acquisition of a majority stake in the company; Eden Prairie, Minn., provider of IT operations management and monitoring, cybersecurity, and business intelligence software.

HORNBLOWER: $390 million credit facilities (B2/B+); UBS and Barclays; $60 million five-year revolver; $330 million seven-year covenant-light first-lien term loan talked at Libor plus 450 bps, 1% Libor floor, OID 99 to 99.5, 101 soft call for six months; help fund an investment in the company by Crestview Partners; San Francisco-based cruise and event company.

HUDSON RIVER TRADING LLC: $250 million senior secured term B (Ba2/BB-) talked at Libor plus 425 bps to 450 bps, 0% Libor floor, OID 99, 101 soft call for six months; JPMorgan; fund acquisition activity; New York-based multi-asset class quantitative trading firm.

HUSKY INJECTION MOLDING SYSTEMS (TITAN ACQUISITION LTD.): Expected closing March 28; $2.1 billion seven-year covenant-light term B (B2/B) at Libor plus 300 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; Deutsche Bank, Bank of America, Goldman Sachs, Barclays and BMO; help fund buyout by Platinum Equity from Berkshire Partners and OMERS Private Equity; Bolton, Ont., supplier of injection molding equipment and services to the plastics industry.

INOVALON HOLDINGS INC.: $1.08 billion senior secured credit facilities (B2/B); Morgan Stanley, Citigroup, Goldman Sachs and JPMorgan; $100 million five-year revolver talked at Libor plus 275 bps to 300 bps, 0% Libor floor; $980 million seven-year covenant-light term B talked at Libor plus 275 bps to 300 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; help fund acquisition of Ability Network; Bowie, Md., technology company.

KBR INC.: $2.2 billion senior secured credit facilities (B1/B+); Bank of America; $800 million seven-year covenant-light term B talked at Libor plus 300 bps to 325 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; $400 million delayed-draw five-year term A; $500 million five-year revolver; $500 million five-year performance letter of credit facility; fund acquisition of SGT from Kamco Holdings, refinance existing revolver borrowings, fund share in a joint venture and general corporate purposes; Houston-based provider of full life-cycle professional services and technologies supporting the government services and hydrocarbons markets.

LIFE TIME INC.: Expected closing March 26 week; $200 million add-on covenant-light term B (B1/BB-) due June 15, 2022 at Libor plus 275 bps, 1% Libor floor, 101 soft call through May 2018; Deutsche Bank, BMO, Jefferies, KKR, Macquarie, Mizuho and Nomura; repay revolver and add cash to the balance sheet; Chanhassen, Minn., operator of sports, professional fitness, family recreation and spa destinations.

LIVE NATION ENTERTAINMENT INC.: $963 million term B talked at Libor plus 175 bps to 200 bps, 0% Libor floor, OID 99.875, 101 soft call for six months; JPMorgan; repricing; Beverly Hills, Calif., provider of live music concerts and live entertainment ticketing sales and marketing services.

LOPAREX INTERNATIONAL HOLDING BV: $350 million credit facilities (B2/B); Jefferies LLC, ABN Amro and Rabobank; $30 million five-year revolver; $320 million seven-year senior secured first-lien term loan talked at Libor plus 450 bps, 1% Libor floor, OID 99, 101 soft call for six months; refinance existing bank debt and repay shareholder loans; developer and producer of specialty release liner product solutions meeting the needs of a diverse market and application space.

MCDERMOTT INTERNATIONAL INC.: $2.15 billion seven-year first-lien term loan (Ba2/BB-) talked at Libor plus 400 bps to 425 bps, 1% Libor floor, OID 99.5, 101 soft call for six months; Barclays, Credit Agricole, Goldman Sachs, MUFG, ABN Amro, RBC and Standard Chartered; refinance existing debt and cash collateralize letters of credit; Houston-based provider of integrated engineering, procurement, construction and installation, front-end engineering and design and module fabrication services for upstream field developments.

MOHEGAN TRIBAL GAMING AUTHORITY: $125 million add-on term B (B-) talked at Libor plus 400 bps, 1% Libor floor, OID 99.75, 101 soft call for six months; Citizens Bank; fund purchase of partner’s interest in Inspire Integrated Resort Co. Ltd. and additional project-related investments; Uncasville, Conn., operator of gaming and entertainment enterprises.

ON ASSIGNMENT INC.: Expected closing April 2; $822 million seven-year incremental covenant-light term B (Ba2/BB) at Libor plus 200 bps, 0% Libor floor, 101 soft call for six months; Wells Fargo; help fund acquisition of ECS Federal LLC from Roy Kapani and Lindsay Goldberg; Calabasas, Calif., provider of IT and professional services in the technology, creative/digital, engineering and life sciences sectors.

OUTPUT SERVICES GROUP INC. (OSG BILLING SERVICES): $360 million credit facilities; SunTrust; $15 million revolver (B1); $242.5 million first-lien term loan (B1) at Libor plus 425 bps, 1% Libor floor, OID 99.5, 101 soft call for six months; $50 million delayed-draw first-lien term loan (B1) at Libor plus 425 bps, 1% Libor floor, OID 99.5; $52.5 million second-lien term loan (Caa1) at Libor plus 850 bps, 1% Libor floor, OID 98.5, call protection 102, 101; refinance existing debt, add cash to the balance sheet and fund future acquisitions; Ridgefield Park, N.J., provider of billing and customer communications services.

PLASKOLITE LLC: $800.5 million in bank debt; Antares and KeyBanc; $20 million incremental revolver (B2/B); roughly $620 million first-lien term loan (including $246 million incremental) (B2/B) due Nov. 3, 2022 talked at Libor plus 350 bps, 0% Libor floor, OID 99.5 on incremental, 101 soft call for six months; $160.5 million second-lien term loan (including $40.5 million incremental) (Caa1/CCC+) talked at Libor plus 800 bps, 1% Libor floor; repricings, and fund acquisitions and a shareholder distribution; Columbus, Ohio, manufacturer of custom acrylic and other plastic products servicing a variety of end markets and applications.

PLY GEM HOLDINGS INC.: $1.755 billion seven-year term B (B2/B) talked at Libor plus 300 bps to 325 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; JPMorgan, Bank of America, Barclays, Deutsche Bank, Goldman Sachs, Jefferies, MUFG, Natixis, RBC, Societe Generale and UBS; help fund buyout by Clayton, Dubilier & Rice and combination with Atrium Windows & Doors, which is also being acquired; Cary, N.C., building products manufacturer.

PRINCE: Expected closing March 29; $750 million credit facilities; Goldman Sachs, Credit Suisse, Deutsche Bank, Jefferies and Morgan Stanley; $85 million revolver (B2/B-); $515 million seven-year first-lien term loan (B2/B-) at Libor plus 350 bps, 1% Libor floor, OID 99.5, 101 soft call for six months; $150 million eight-year second-lien term loan (Caa1/CCC+) at Libor plus 775 bps, 1% Libor floor, OID 99, call protection 102, 101; help fund buyout by American Securities; manufacturer of specialty additives.

ROCKET SOFTWARE INC.: $752 million first-lien term loan (including $85 million incremental) (B1/BB-) due October 2023 talked at Libor plus 375 bps to 400 bps, 1% Libor floor, OID 99.5 on incremental, 101 soft call for six months; Credit Suisse; fund tuck-in acquisitions and repricing; Waltham, Mass., software development firm.

RUSSELL INVESTMENTS: $838 million first-lien term B due June 1, 2023 talked at Libor plus 325 bps to 350 bps, 1% Libor floor, 101 soft call for six months; Barclays, Macquarie and Credit Suisse; repricing; Seattle-based asset manager.

SALLY BEAUTY HOLDINGS INC.: $548.6 million term B due July 2024 talked at Libor plus 225 bps, 0% Libor floor, OID 99.75 to par, 101 soft call for six months; JPMorgan; repricing; Denton, Texas, specialty retailer and distributor of professional beauty supplies.

SHAPE TECHNOLOGIES (WATERJET HOLDINGS INC.): $300 million seven-year covenant-light first-lien term loan (B2/B) talked at Libor plus 325 bps to 350 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; Credit Suisse, Deutsche Bank and Barclays; refinance existing debt; Kent, Wash., provider of automation solutions utilizing ultra-high pressure technology.

SHEARER’S FOODS LLC: $515 million first-lien term loan (including $235 million incremental) due June 30, 2021 talked at Libor plus 425 bps, 1% Libor floor, OID 99.5 on incremental, 101 soft call for six months; Antares and Golub; redeem notes and reprice existing term loan upwards; Massillon, Ohio, private label supplier and contract manufacturer of salty snacks, cookies and crackers.

SHUTTERFLY INC.: Expected closing April 2; $825 million senior secured covenant-light term B-2 due Aug. 17, 2024 (Ba3/BB-) at Libor plus 275 bps, step-down to Libor plus 250 bps if leverage falls to 0.5x inside of closing secured net leverage, 0% Libor floor, OID 99.75, 101 soft call for six months; Morgan Stanley and SunTrust; help fund acquisition of Lifetouch; Redwood City, Calif., online retailer and manufacturer of personalized products and services.

SOUTHERNCARLSON INC.: $345 million credit facilities; KKR; $35 million revolver (B2/B+); $235 million first-lien term loan (B2/B+) at Libor plus 425 bps, 1% Libor floor, OID 99.5, 101 soft call; $75 million second-lien term loan (Caa2/CCC+) at Libor plus 875 bps, 1% Libor floor, OID 98.5, call protection 102, 101; refinance existing debt and fund a dividend; Omaha, Neb., distributor of fastening and packaging materials, tools and related building materials.

STARS GROUP INC.: $2.795 billion in term loans (B2/B+); Deutsche Bank and Macquarie; $2.196 billion seven-year covenant-light term loan talked at Libor plus 300 bps to 325 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; $599 million euro equivalent seven-year covenant-light term loan talked at Euribor plus 325 bps to 350 bps, 0% floor, OID 99.75, 101 soft call for six months; amend and extend existing term loans, fund recent acquisitions and repay second-lien term loan borrowings; Toronto-based provider of technology-based products and services in the gaming and interactive entertainment industries.

TAILORED BRANDS INC.: $900 million in term loans (Ba3/BB-); JPMorgan, Bank of America and Wells Fargo; $600 million term loan due 2025 talked at Libor plus 325 bps to 350 bps, 1% Libor floor, OID 99.5; $300 million fixed-rate term loan due 2025 talked at 6% to 6.25%, OID 99.5; refinance existing term loans; Fremont, Calif., specialty retailer of men’s tailored clothing.

TEKNI-PLEX INC.: $126 million incremental covenant-light first-lien term loan (including $48 million delayed-draw tranche) (B-) due October 2024 talked at Libor plus 325 bps, 25 bps leverage-based step-down, 1% Libor floor, OID 99.75 to par, 101 soft call for six months; Credit Suisse; fund tuck-in acquisitions; King of Prussia, Pa., provider of specialty packaging solutions.

TRAVELCLICK INC.: $480 million first-lien term loan (including $34 million incremental) (B1/B-) due May 6, 2021 talked at Libor plus 325 bps to 350 bps, 1% Libor floor, OID 99.75 on incremental, 101 soft call for six months; Credit Suisse; repay a portion of second-lien term loan and repricing; New York-based provider of solutions to the hospitality industry.

TRILLIANT FOOD & NUTRITION: $270 million covenant-light term B (B3/B-) due Sept. 22, 2024 talked at Libor plus 325 bps to 350 bps, 25 bps step-down if the corporate family rating is revised to B2/B or greater with at least a stable outlook, 1% Libor floor, 101 soft call for six months; Wells Fargo; repricing; Little Chute, Wis., beverage company.

VIVID SEATS LLC: $522 million first-lien term B due June 30, 2024 talked at Libor plus 350 bps, 1% Libor floor, 101 soft call for six months; Barclays, RBC, SunTrust and Jefferies; repricing; Chicago-based secondary ticket marketplace for live sports, concerts and theater events.

VYAIRE MEDICAL INC.: $450 million in term loans; Bank of America, RBC, ING, Natixis and Mizuho; $360 million seven-year covenant-light term B (B2/B-) talked at Libor plus 425 bps to 450 bps, 1% Libor floor, OID 99.5, 101 soft call for six months; $90 million second-lien term loan (Caa2/CCC); finance Apax’s acquisition of the existing minority shareholder’s stake in the company and fund contemplated acquisitions; Mettawa, Ill., pure play medical device company in the respiratory space.

WELLS ENTERPRISES INC.: Expected closing March 29; $175 million covenant-light term loan (B1/BB) due 2025 at Libor plus 275 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; BMO; refinance existing debt; Le Mars, Iowa, family-owned ice cream and frozen treat manufacturer.

WEST CORP.: $350 million incremental first-lien term loan (B) due Oct. 10, 2024 talked at Libor plus 400 bps,1% Libor floor, OID 99.75 to par, 101 soft call through October 2018; Credit Suisse and RBC; fund acquisition of Nasdaq Inc.’s public relations and webcasting and webhosting products and services businesses; Omaha-based provider of communication and network infrastructure services.

WHEEL PROS: $350 million senior credit facilities; Antares; $30 million ABL five-year revolver; $240 million seven-year first-lien term loan (B2/B); $80 million eight-year second-lien term loan (Caa2/CCC+); help fund buyout by Clearlake Capital; distributor of proprietary branded wheels and performance tires.

WYNDHAM HOTELS & RESORTS INC.: $1.6 billion seven-year covenant-light term B (Baa3/BBB-) talked at Libor plus 200 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; Bank of America, Barclays, Deutsche Bank, Credit Suisse, Goldman Sachs, Wells Fargo, SunTrust, Scotia, MUFG and US Bank; help fund acquisition of La Quinta Holdings Inc.’s hotel franchise and hotel management businesses; Parsippany, N.J., hotel franchisor.

On The Horizon

8POINT3 ENERGY PARTNERS LP: $1.16 billion in loans; MUFG, Massachusetts Mutual, KeyBanc and Commonwealth Bank of Australia; $1.1 billion term loan; up to $60 million letter of credit facility; help fund acquisition by Capital Dynamics Inc.; San Jose, Calif.-based owner, operator and acquirer of solar energy generation projects.

AIRXCEL: New debt financing; Jefferies, Morgan Stanley and Citizens; help fund buyout by L Catterton from One Rock Capital Partners LLC; producer and distributor of heating, ventilating, air conditioning, appliance and a variety of composite and soft good products serving specialty markets.

ALBERTSONS COS. LLC: $2.2 billion in bank debt; Bank of America, Credit Suisse and Goldman Sachs; $1 billion incremental asset-based revolver; $1.2 billion five-year asset-based term loan expected at Libor plus 375 bps; help fund merger with Rite Aid Corp.; Boise, Idaho, food and drug retailer.

ALTRA INDUSTRIAL MOTION CORP.: $1.64 billion senior secured credit facilities; Goldman Sachs; $300 million revolver; $1.34 billion in term loans; help fund combination with four operating companies from Fortive’s Automation and Specialty platform; Braintree, Mass., designer, producer and marketer of a wide range of electromechanical power transmission and motion-control products.

BLACKHAWK NETWORK HOLDINGS INC.: $2.15 billion senior secured credit facilities; Bank of America, JPMorgan, Barclays, Citigroup, Goldman Sachs, Wells Fargo, BMO, Deutsche Bank, Fifth Third, MUFG, RBC and SunTrust Bank; $400 million revolver; $1.35 billion first-lien term loan; $400 million second-lien term loan; help fund buyout by Silver Lake and P2 Capital Partners; Pleasanton, Calif., financial technology company.

BOYD GAMING CORP.: Incremental debt financing; fund acquisition of Valley Forge Casino Resort in King of Prussia, Pa., from Valley Forge Convention Center Partners LP; Las Vegas-based owner and operator of gaming entertainment properties.

COMMERCEHUB INC.: New first-lien term loan; Jefferies, Golub and KKR; also privately-placed second-lien term loan; help fund buyout by GTCR and Sycamore Partners; Albany, N.Y., distributed commerce network for retailers and brands.

DANA INC.: $250 million incremental term A; Credit Suisse, Barclays, and Citigroup; help fund acquisition of the Driveline division of GKN plc to create Dana plc; supplier of drivetrain, sealing and thermal-management technologies.

ENERGIZER HOLDINGS INC.: $2.04 billion senior secured credit facilities; JPMorgan and Barclays; $400 million five-year revolver expected at Libor plus 275 bps, 0% Libor floor; $1.64 billion seven-year covenant-light first-lien term loan expected at Libor plus 275 bps, 0% Libor floor, 101 soft call for six months; help fund acquisition of Spectrum Brands’ Global Battery and Portable Lighting Business, refinance existing credit facility and provide working capital; St. Louis-based manufacturer of primary batteries and portable lighting products.

HEARTLAND DENTAL: New debt financing; Jefferies and KKR; help fund buyout by KKR from Ontario Teachers’ Pension Plan and other existing shareholders; Effingham, Ill., dental support organization.

KEY SAFETY SYSTEMS: New debt financing; help fund acquisition of substantially all of Takata Corp.’s assets and operations; Sterling Heights, Mich., supplier of advanced engineered safety products for automotive and non-automotive markets.

KINDRED HEALTHCARE INC.: $2.975 billion senior secured credit facilities; JPMorgan, Morgan Stanley, Citigroup, Goldman Sachs, Bank of America, Capital One, RBC and Wells Fargo; $280 million revolver, $1.36 billion first-lien term loan, $475 million second-lien term loan to Kentucky Homecare Holdings Inc.; $450 million asset-based loan facility, $410 million term loan to Kentucky Hospital Holdings LLC; help fund buyout by TPG Capital, Welsh, Carson, Anderson & Stowe and Humana Inc.; Louisville, Ky., healthcare services company.

LUMENTUM HOLDINGS INC.: $550 million seven-year senior secured covenant-light term B expected at Libor plus 250 bps, 25 bps step-down at 0.5 times inside closing first-lien net leverage, 0% Libor floor, OID 99.5, 101 soft call for six months; Deutsche Bank; help fund acquisition of Oclaro Inc.; Milpitas, Calif., provider of photonics products for optical networking and lasers for industrial and consumer markets.

MARVELL TECHNOLOGY GROUP LTD.: $1.4 billion credit facilities; Goldman Sachs and Bank of America; $900 million term loan; $500 million revolver; help fund acquisition of Cavium Inc.; Hamilton, Bermuda, provider of storage, networking and connectivity solutions.

MICROCHIP TECHNOLOGY INC.: Up to $5 billion seven-year senior secured covenant-light term B expected at Libor plus 225 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; JPMorgan; help fund acquisition of Microsemi Corp.; Chandler, Ariz., manufacturer of microcontroller, memory and analog semiconductors.

PCI GAMING AUTHORITY (WIND CREEK HOSPITALITY): New debt financing; Credit Suisse; help fund acquisition of Sands Casino Resort in Bethlehem, Pa., from Las Vegas Sands Corp.; owner and operator of gaming and entertainment facilities.

PENN NATIONAL GAMING INC.: $1.14 billion in incremental senior secured term loans; Bank of America, Goldman Sachs, Fifth Third, U.S. Bank, Wells Fargo, Citizens, SunTrust and TD Securities; $387.2 million incremental term A; $752.8 million incremental term B; help fund acquisition of Pinnacle Entertainment Inc.; Wyomissing, Pa., owner and manager of gaming and racing facilities and video gaming terminal operations.

THOMSON REUTERS’ FINANCIAL & RISK: New debt financing; JPMorgan, Bank of America and Citigroup; help fund acquisition of a 55% stake by Blackstone, Canada Pension Plan Investment Board and GIC; data and financial technology platform.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.